Artificial Intelligence(AI): A Glimpse Into The Future of Oil & Gas Industry

 The global AI in Oil & Gas Market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. This growth can be attributed to the factors such as rising adoption of the big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs. Growing investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.

North America is projected to be the largest market for Artificial Intelligence in Oil and Gas market due to increasing adoption of AI technologies by oilfield operators and service providers and the strong presence of prominent AI software and system suppliers, especially in the US and Canada. The Middle East and Africa is the fastest growing market due to increasing investments in start-ups for AI implementation, which would further raise the demand for AI in the near future.

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Artificial Intelligence in Oil and Gas market functions is segmented into predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn. predicting maintenance schedules for equipment to prevent the possibility of equipment failures and, thus, save millions of dollars.

Software in AI in the Oil & Gas market are applicable in upstream Oil & Gas exploration and production activities. A rapid growth in North America is driven by high demand from the upstream Oil & Gas applications for AI in the North America, which is the main reason for a large market share held by the software segment.

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Some of the global players in this AI in Oil & Gas Market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). Together they hold a strong share of the global market.

Geospatial Solutions Market: Integration of Geospatial Technology With Ai and Big Data Analytics Technologies

 

The global Geospatial Solutions Market is projected to reach $502.6 billion by 2024 from an estimated $239.1 billion in 2019, at a CAGR of 13.2% during 2019-2024. This growth can be attributed to factors such as integration of geospatial technology into mainstream technologies, advancements in geospatial solutions with the introduction of artificial intelligence and Big Data analytics, increasing use of location-based services, adoption of automation, cloud, and IoT technologies.

Geospatial software, related platforms, and user interfaces generate a larger share of revenue when compared with the hardware and service segments. This is because of the extensive usage of the former in operations. This can also be attributed by the organizations investing massively in the latest geospatial technologies to improve their operational efficiency.

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North America is estimated to be the largest market in 2019 owing to the growth in the usage of aerial imagery, satellite imagery, LiDAR, radar technologies, and global navigation satellite systems in countries such as the US, Canada, and Mexico.  Since North America is the largest market for geospatial technologies, the slightest of growth of this market in this region will reflect a significant growth globally.

Increasing integration of geospatial technologies into mainline technologies is likely to be a key component driving the market in North America. The developed economies are expected to give more thrust to the geospatial solution market. Globally, the implementation of geospatial technologies has seen a gradual increase over the past few years. This, along with the easy availability of geospatial technology in evolved countries such as the US and Canada, will surely positively boost the market in the region.

Geovisualization emphasizes knowledge construction over knowledge storage or information transmission. For this, geovisualization communicates geospatial information in ways that, when combined with human understanding, allow data exploration and decision-making processes. Thus, this application is of extreme importance in mapping and surveying. With the growth in the usage of geospatial solutions, this application is expected to be extensively used during the forecast period.

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Some of the top players in the Geospatial Solutions Market are HERE (the Netherlands), Esri (US), Hexagon (Sweden), Atkins Plc (UK), Pitney Bowes (US), Topcon (Japan), Digital Globe Inc (Maxar Group) (US), General Electric (US), Harris Corporation (US), Google (US), Bentley (UK), Geospatial Corporation (US), Baidu (China), Telenav (US), TomTom International B.V. (the Netherlands), Apple (US), Oracle (US), Microsoft (US), Amazon (US), IBM (US), SAP (US), China Geo-Engineering Corporation (CGC) (China), RMSI (India), and Orbital Insights (US).